Axis Real Estate Investment Trust Results Presentation 3Q October 2018
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1 Axis Real Estate Investment Trust Results Presentation 3Q October
2 3Q2018 Portfolio Highlights Portfolio size increased by 2 to a total of 44 properties. Investment properties currently stands at RM2.72 billion. Net property income increased by 30.6% for 3Q2018 as compared to 3Q2017. Declared 2.35 sen DPU for 3Q2018, which represents 17.5% increase from 3Q2017. Announced the implementation of the Income Distribution Reinvestment Plan conjunction with the payment of third interim income distribution. in Successfully signed the Sale & Purchase Agreement to acquire an industrial facility for RM18.5 million located in Senawang, Negeri Sembilan on 8 August Acceptance of a Letter of Offer to acquire an industrial facility for RM20.5 million located in Bayan Lepas, Penang on 30 August Completed the acquisitions of Beyonics i-park Campus Block E and Indahpura Facility 1 for a total purchase price of RM38.7 million on 9 August Positive rental reversion of 6% with occupancy rate of 94.8%. 2
3 3Q2018 Return Comparatives 7.00% 6.90% 6.00% 5.71% 5.00% 4.00% 3.73% 3.50% 3.25% 3.00% 2.00% 1.00% 0.00% Axis-REIT Distribution Yield EPF Dividend Return 10-yr MGS 12 Months FD Rate OPR 3
4 3Q2018 FINANCE REPORT 4
5 3Q2018 Summary Insert Text/Table YTD 3Q2018 Realised 77,380 Income Available for Distribution ("Realised") (RM'000) 78,121 Earnings per Unit ("EPU") ("Realised") (Sen) 6.27 Income Distribution Declared (RM'000) 77,513 Distribution per Unit ("DPU") (Sen) 6.29 Number of Investment Properties 44 Units in Circulation (Units) 1,232,326,803 Assets Under Management (RM'000) 2,763,372 Total Financing (RM'000) 1,031,308 Gearing Ratio (%) Total Unitholder's Fund (RM'000) 1,619,239 Market Capitalization (RM'000) 1,811,520 Net Asset Value per Unit (RM) IPO Retail Unit Price (RM) (restated from RM1.25) Unit Price as at 30 September 2018 (RM)
6 Income Statement 3Q2018 vs 3Q2017 3Q2018 3Q2017 Changes / Movement No. of Properties Property Income 52,129 41, % Property Expenses (6,794) (7,143) -4.9% Net Property Income 45,335 34, % Profit Income / Other Income Loss on disposal of property - (6) Non-Property Expenses (4,922) (4,589) +7.3% Islamic Financing Cost (11,359) (8,253) +37.6% Net Income 29,273 22, % DPU (sen) % No. of Units in Issuance 1,232,326,803 1,105,173, % 6
7 Income Statement YTD 3Q2018 vs YTD 3Q2017 YTD 3Q2018 YTD 3Q2017 Changes / Movement No. of Properties Property Income Note 1 144, , % Property Expenses Note 2 (20,877) (19,905) +4.9% Net Property Income 123, , % Profit Income / Other Income Loss on disposal of property - (419) Non-Property Expenses Note 3 (16,020) (13,384) +19.7% Islamic Financing Cost Note 4 (30,541) (24,270) +25.8% Net Income Before Taxation 77,447 68, % Income Tax Expense (67) - Net Income After Taxation 77,380 68, % DPU (sen) - on core performance % - gain on disposal No. of Units in Issuance Note 5 1,232,326,803 1,105,173, % 7
8 Income Statement YTD 3Q2018 vs YTD 3Q2017 Note 1 Property Income Increase in property income as compared to preceding year corresponding period was mainly due to the commencement of lease at Axis Mega DC on 1 June 2018 and rental from newly acquired properties. Note 2 Property Expenses Increase in property expenses was due to additional properties added to the portfolio. Note 3 Non-property Expenses Higher non-property expenses during current YTD due to: i) increase in the and fees which resulted from the increase in NAV of the Fund; ii) annual adjustment of apportionment of GST input tax credit due to exempt supply arising from year 2017 placement exercise and Income Distribution Reinvestment Plan ; and iii) Reversal of provision of doubtful debts in 3Q
9 Note 4 Islamic Financing Cost Increase in financing cost due to additional financing facilities to fund the new acquisitions. Additionally, the capitalisation of financing cost for Axis Mega DC had ceased upon completion of the project in February Note 5 Increase in Units in Issuance The Fund size has increased from 1,105,173,591 units to 1,232,326,803 through the Placement of new units and the implementation of the IDRP: i. The Placement of 125 million new units issued pursuant to the placement exercise of the Fund was successfully completed on 28 November 2017; and ii. 2,153,212 new units issued pursuant to the IDRP applicable to the 2017 third interim income distribution was completed on 14 December
10 Investment Properties: Gross Yield Properties Gross yield (%) 1 Crystal Plaza 16.1% 2 FCI Senai 14.9% 3 Wisma Kemajuan 14.6% 4 Strateq Data Centre 13.2% 5 D21 Logistics Warehouse 13.1% 6 D8 Logistics Warehouse 12.1% 7 Niro Warehouse 12.1% 8 Fonterra HQ 11.8% 9 Pasir Gudang Logistics Warehouse % 10 Seberang Prai Logistic Warehouse % 11 Bayan Lepas Distribution Centre 10.7% 12 Infinite Centre 10.6% 13 Emerson Industrial Facility Nilai 10.6% 14 Menara Axis 10.5% 15 Shah Alam DC % 16 Wisma Academy Parcel 9.8% 17 Seberang Prai Logistic Warehouse 1 9.8% 18 Giant Hypermarket, Sungai Petani 9.8% 19 Axis Vista 9.7% 20 Seberang Prai Logistic Warehouse 2 9.4% 21 Bukit Raja Distribution Centre 9.3% 22 Tesco Bukit Indah 8.9% Average YTD gross yield = 9.5% 23 Scomi Rawang 8.4% 24 Beyonics i-park Campus Block A 8.3% 25 Beyonics i-park Campus Block B 8.3% 26 Beyonics i-park Campus Block C 8.3% 27 Beyonics i-park Campus Block D 8.3% 28 Axis Steel SiLC 8.2% 29 Axis Shah Alam DC 3 8.2% 30 Kerry Warehouse 8.2% 31 Axis Steel Centre 7.9% 32 Axis MRO Hub 7.8% 33 Axis Mega Distribution Centre 7.7% 34 Axis Shah Alam DC 2 7.6% 35 Wasco Kuantan 7.4% 36 Axis Business Park 7.4% 37 Axis Shah Alam DC 4 7.2% 38 Beyonics i-park Campus Block E 7.2% 39 Indahpura Facility 1 7.1% 40 Axis Technology Centre 7.1% 41 Quattro West 6.1% 42 Axis Business Campus 5.5% 43 The Annex 5.4% 44 Axis Aerotech Subang Under development 10
11 Investment Properties: Net Yield Properties Net yield (%) 1 Crystal Plaza 13.7% 2 FCI Senai 13.5% 3 Strateq Data Centre 12.5% 4 D8 Logistics Warehouse 11.2% 5 Niro Warehouse 10.9% 6 D21 Logistics Warehouse 10.5% 7 Wisma Kemajuan 10.1% 8 Fonterra HQ 10.1% 9 Seberang Prai Logistic Warehouse 3 9.8% 10 Emerson Industrial Facility Nilai 9.7% 11 Bayan Lepas Distribution Centre 9.5% 12 Shah Alam DC 1 9.4% 13 Seberang Prai Logistic Warehouse 1 9.3% 14 Pasir Gudang Logistics Warehouse 1 9.3% 15 Giant Hypermarket, Sungai Petani 9.0% 16 Bukit Raja Distribution Centre 8.8% 17 Menara Axis 8.7% 18 Seberang Prai Logistic Warehouse 2 8.4% 19 Tesco Bukit Indah 8.3% 20 Axis Vista 8.3% 21 Axis Steel SiLC 7.9% 22 Scomi Rawang 7.9% Average YTD net yield = 8.2% 23 Infinite Centre 7.8% 24 Beyonics i-park Campus Block D 7.4% 25 Beyonics i-park Campus Block A 7.3% 26 Beyonics i-park Campus Block B 7.3% 27 Beyonics i-park Campus Block C 7.3% 28 Kerry Warehouse 7.3% 29 Axis Steel Centre 7.3% 30 Axis Shah Alam DC 3 7.2% 31 Axis Mega Distribution Centre 7.1% 32 Axis MRO Hub 7.1% 33 Wisma Academy Parcel 6.9% 34 Axis Shah Alam DC 4 6.8% 35 Axis Shah Alam DC 2 6.8% 36 Wasco Kuantan 6.8% 37 Beyonics i-park Campus Block E 6.7% 38 Indahpura Facility 1 6.6% 39 Axis Business Park 5.4% 40 Axis Technology Centre 5.1% 41 Quattro West 3.9% 42 Axis Business Campus 3.7% 43 The Annex 3.6% 44 Axis Aerotech Subang Under development 11
12 RM' million Income Available for Distribution Adjusted Income Before Taxation/ Income Available For Distribution Gain on disposal Gain 1.35 on disposal Q Q Q Q Q2018 2Q2018 3Q
13 sen Summary of Realised EPU and DPU Gain on disposal DPU EPU (realised) 13
14 Statement of Financial Position 30/09/18 31/12/17 Changes Investment Properties 2,719,607 2,482, ,407 Fixed Assets 3,152 2, Other Assets 40,613 64,932-24,319 TOTAL ASSETS 2,763,372 2,549, ,763 Borrowings 1,031, , ,714 Other Payables 112, ,879-3,054 TOTAL LIABILITIES 1,144, , ,660 NET ASSET VALUE (NAV) 1,619,239 1,591,136 28,103 Unitholders' Capital 1,240,253 1,240,253 - Undistributed Distributable Income 25,089 7, ,489 Non-Distributable Reserve 353, , ,614 TOTAL UNITHOLDERS' FUND 1,619,239 1,591,136 28,103 GEARING 37.32% 33.05% NAV/UNIT (RM) No. of units in issuance 1,232,326,803 1,232,326,803 14
15 Statement of Financial Position Note 1 Investment Properties During the year, a total of RM6 million was spent on enhancement works of the properties in the portfolio and RM61 million (including the land lease of vacant land for Axis Aerotech Centre Subang of RM19.9 million which has been fully paid in February 2018) was incurred for both the development projects i.e. Axis Mega Distribution Centre and Axis Aerotech Subang. There were four (4) acquisitions completed during the financial period as follows: Property Note 2 Other assets The average collection of trade receivables is as shown below: For Period Ended Acquisition Price (RM mil) Avg. Collection Period (days) 30-Jun Sept-18 4 Completion Date Wasco Land February 2018 Axis Shah Alam DC June 2018 Beyonics Block E August 2018 Indahpura Facility August
16 Statement of Financial Position Borrowings Total Financing 308, , , , , , , , ,594 1,031, ,745 1,208,897 1,298,431 1,589,408 1,616,523 2,085,883 2,141,493 2,244,274 2,549,609 2,763,372 Gearing 34.03% 34.46% 23.98% 34.54% 32.66% 32.78% 34.17% 34.78% 33.05% 37.32% Effective Profit Rate 4.11% 4.48% 4.66% 4.58% 4.38% 4.24% 4.28% 4.25% 4.21% 4.30% Percentage of short term financing- Maturity < 1 Year Percentage of medium/ long term financing (maturity more than 1 year) Percentage of floating rate financing Percentage of fixed rate financing Total unencumbered assets Percentage of unencumbered assets/total assets (value) 47% 48% 52% 62% 50% 61% 55% 58% 71% 76% 53% 52% 48% 38% 50% 39% 45% 42% 29% 24% 47% 48% 52% 62% 40% 47% 50% 53% 63% 68% 53% 52% 48% 38% 60% 53% 50% 47% 37% 32% % 42% 44% 19% 16% 21% 26% 30% 27% 27% 16
17 Statement of Financial Position Gearing Levels Placements Undertaken 40% 35% 36% 33% 34% 36% 31% 35% 38% 33% 33% 32% 36% 33% 35% 37% 37% 30% 27% 29% 27% 29% 25% 24% 20% 15% 10% 5% 0% 17
18 RM mil 3, , , , , , , , , , , , , , , , , , , Dec Dec Dec Dec Dec Dec Dec-17 Total Asset Unitholders' Capital 18
19 Statement of Financial Position Non-distributable Reserve Non-distributable reserve mainly comprises the gain in fair value of approximately RM339 million to date. Property Gain/(loss) Crystal Plaza 45,564 Menara Axis 36,732 Axis Mega Distribution Centre 27,256 Bukit Raja Distribution Centre 26,675 Wisma Kemajuan 26,579 Axis Vista 22,189 Tesco Bukit Indah 20,076 Axis Business Park 18,876 Strateq Data Centre 14,271 Axis Business Campus 11,733 Axis Steel Centre 11,314 Bayan Lepas Distribution Centre 9,918 Axis Shah Alam DC 1 9,028 FCI Senai 7,307 Giant Hypermarket, Sungei Petani 7,027 Infinite Centre 6,407 The Annex 6,248 Fonterra HQ 5,631 Quattro West 4,674 Axis Technology Centre 4,520 Property Gain/(loss) Seberang Prai Logistics Warehouse 4,080 Niro Warehouse 3,766 Emerson Industrial Facility Nilai 3,057 Seberang Prai Logistic Warehouse 1 2,679 D8 Logistics Warehouse 2,311 Delfi Warehouse 2,269 Scomi Rawang 1,304 Axis Steel SiLC 1,051 Axis Shah Alam DC Seberang Prai Logistic Warehouse D21 Warehouse, PTP 587 Kerry Warehouse 367 Beyonics i-park Campus - Block D 296 Beyonics i-park Campus - Block B 285 Beyonics i-park Campus - Block C 266 Beyonics i-park Campus - Block A 230 Axis MRO Hub (375) Axis Shah Alam DC 3 (2,008) Wasco Kuantan (2,027) Wisma Academy Parcel (3,269) 19
20 3Q2018 PROPERTY REPORT 20
21 Overview As at 30 Sept 2018, the occupancy rate of Axis portfolio stands at 94.8% with stable weighted average lease expiry period of 5.27 years (based on rental). The Manager achieved positive rental reversion of 6% for YTD 30 September With the acquisition of Beyonics i-park Campus Block E and Indahpura Facility 1 in 3Q2018, 166,154 sq. ft. of space was added to the portfolio, increasing space under management to 9,022,278 sq. ft. In this quarter, we are pleased to announce that these two properties will be contributing additional rental revenue of RM230,000 monthly effective 9 August Notwithstanding the continuous challenging economic environment, the Manager is delighted to report that 1,564,899 sq. ft. of space was secured through new tenancies and tenancy renewals year-to-date. Out of the 1,365,640 sq. ft. of space due for renewal in 2018, we have renewed 73.1% of space to-date. Our leasing team is committed and actively working hard to secure new tenants. By filling the vacant space, we expect to add as much as 0.65 sen to the annual DPU. The industrial sector continued to remain stable, driven by demand for warehousing and manufacturing space. We are actively engaging prospective tenants on the development of Phase 2 of Axis Mega DC with approximately 500,000 sq. ft. of space. The development of Axis Aerotech Subang, our second built-to-lease project, is in progress. 21
22 Key Portfolio Metrics As at 30 September 2018, the portfolio has 44 assets comprising 9,022,278 sq. ft. and 153 tenants. 3Q2018 2Q2018 Movement No. of Properties ) 52,129 47, % 000) 6,794 7, % 000) 45,335 39, % Occupancy 94.80% 93.85% +0.95% Portfolio Efficiency Ratio = YTD Property Expenses / YTD Property Income YTD % 15.80% 16.23% 14.56% 22
23 ( sq ft) Space Under Management Space Under Management (sq ft) 10,000,000 9,000,000 8,000,000 7,000,000 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000-2,175,522 1,656,943 1,186,590 2,858,121 4,449,580 4,288,054 3,679,796 5,463,599 5,464,124 8,087,781 7,606,863 6,859,474 7,015,242 9,022, Q
24 Portfolio Occupancy Rate As at 30 September 2018, only 10 out of 44 properties carry vacancy, while one is undergoing development. 33 properties enjoy 100% occupancy. Single Tenant vs Multi-Tenants Occupancy As at 30 September % Vacancy As at 30 September % Space available 468,903 sq. ft. Occupancy Multi-tenants properties 83% Single tenant properties 100% 31% Single Tenant 69% Multi Tenants Unbilled space income Potential annual DPU upside RM11.8 million per year 0.65 sen per unit/year 24
25 Properties Below 90% Occupancy Occupancy rates of properties below 90% as at 30 September 2018 Fonterra HQ 85% Wisma Academy Parcel Infinite Centre Wisma Kemajuan Axis Technology Centre Menara Axis Axis Business Park Axis Business Campus 81% 78% 76% 72% 68% 66% 63% Quattro West Axis Aerotech Under Development 50% Note: 1. Occupancy rate for Axis Business Campus will improve to 69% in 4Q Vacant space in Fonterra HQ is built for their future expansion. 25
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